{"id":155703,"date":"2025-11-27T03:31:07","date_gmt":"2025-11-27T03:31:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/155703\/"},"modified":"2025-11-27T03:31:07","modified_gmt":"2025-11-27T03:31:07","slug":"oceania-healthcare-selling-11-rest-homes-for-75m-laid-off-23-head-office-staff","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/155703\/","title":{"rendered":"Oceania Healthcare selling 11 rest homes for $75m, laid off 23 head office staff"},"content":{"rendered":"

She would not name any properties, indicating the company did not want to upset residents or staff.<\/p>\n

\"OceaniaOceania Healthcare chief executive Suzanne Dvorak. Photo \/ NZME<\/p>\n

All hospitals were being sold as going concerns.<\/p>\n

The company decided to sell those stand-alone rest home hospitals because it wants to only offer integrated care, she said. <\/p>\n

That means independent villas or units, apartments and care beds are offered all on the one property, not just the care beds, she said.<\/p>\n

Last Friday\u2019s announcement showed seven hospitals sold for $35m:<\/p>\n

Woburn, Waipukurau: sold 1HY26Totara Park, Warkworth: sold 2HY25Otumarama, Stoke, Nelson: sold 2HY25Victoria Place rest home and hospital, Tokoroa: sold 1HY25Takanini Lodge, Auckland. sold 1HY25Middlepark rest home, now called Elms Court, Christchurch: sold 1HY25Holmwood, Rangiora: sold 1HY25.<\/p>\n

The presentation said \u201c1HY26 and FY25 divestments executed – $35m capital released. Another four sites are under due diligence at circa $40m, on track to settle in FY26\u2033.<\/p>\n

The rest homes sold or to be sold are all at least 15 years old, that said. <\/p>\n

They are sites that Oceania referred to as geographically isolated, meaning they have limited operational efficiency and scalability.<\/p>\n

The $75m from the sales is being reinvested and used to repay debt. <\/p>\n

Sources said other rest home operations had bought the seven already sold.<\/p>\n

\"OceaniaOceania Healthcare sold the Waipukurau Woburn Masonic rest home this year. Photo \/ Masonic Villages<\/p>\n

Warwick Dunn of Masonic Villages said that entity had bought the Woburn care home in Waipukurau this year.<\/p>\n

Oceania chief financial officer Kathryn Waugh said last Friday that divestments remain an important lever in strengthening the balance sheet and supporting the stabilisation plan.<\/p>\n

\u201cAcross the half we continued to progress a number of properties through due diligence, and several are now moving through the final stages. We have been very clear that we will only divest non-core sites, and that discipline has guided our discussions,\u201d Waugh said.<\/p>\n

Ryman Healthcare\u2019s interim result also noted<\/a> two of its Christchurch rest homes – Margaret Stoddart and Woodcote with 95 beds – had shut in tfirst half of this year.<\/p>\n

\u201cEarlier this year, Ryman confirmed it was reviewing its aged care bed capacity in New Zealand due to sector-wide under-funding, and two care centres have since been closed,\u201d the company said.<\/p>\n

In April, Oceania shut the Wesley Institute of Nursing Education, whichhad been established to help address a nursing shortage by providing intensive training programmes for foreigners.<\/p>\n

In the six months to September 30, 2025, the company, with $3 billion of assets, turned a previous $17.1m net after-tax loss into a $4.9m profit in its interim result.<\/p>\n

Revenue fell from $132.6m to $131.6m but expenses were also cut from $181m to $154m, improving its bottom line.<\/p>\n

Sales rose 5%. Oceania<\/a> sold 271 units and 161 care suites in the latest half-year, as well as cutting expenses.<\/p>\n

Of those sales, 39 were new units, 52 were new care suites, 71 units were resold and 109 care suites were resold. <\/p>\n

In August, the business told investors it expected to get $30m to $50m from the sale of four to six sites.<\/p>\n

\u201cSince its 2017 IPO, Oceania has modernised and expanded its portfolio through strategic development at 15 sites, and divestment of 18 sites, becoming a leading operator with contemporary sites.\u201d<\/p>\n

Anne Gibson<\/a> has been the Herald\u2018s property editor for 25 years, written books and covered property extensively here and overseas.<\/p>\n

Stay ahead with the latest market moves, corporate updates, and economic insights by subscribing to our Business newsletter<\/a> \u2013 your essential weekly round-up of all the business news you need.<\/p>\n","protected":false},"excerpt":{"rendered":"She would not name any properties, indicating the company did not want to upset residents or staff. Oceania…\n","protected":false},"author":2,"featured_media":155704,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[7804,34309,58506,138,103176,802,103175,2082,106,527,6800,15167,1132,111,139,69,2659,6662,6270,9364,12886,28029,24035,1321,1516],"class_list":["post-155703","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-7804","tag-34309","tag-75m","tag-business","tag-consultants","tag-costs","tag-examining","tag-for","tag-head","tag-healthcare","tag-homes","tag-laid","tag-million","tag-new-zealand","tag-newzealand","tag-nz","tag-oceania","tag-off","tag-office","tag-procurement","tag-professional","tag-rest","tag-selling","tag-services","tag-staff"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/155703","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=155703"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/155703\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/155704"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=155703"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=155703"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=155703"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}